SAMBA Financial Group will increase its capital from SR9 billion to SR12 billion through the distribution of one bonus share for every three held, it said in a statement posted on Tadawul website.

The group stated that the board of directors at its meeting held on Tuesday recommended to extraordinary general assembly meeting to increase the company's capital through bonus shares.

The increase is as follows: The company's capital will increase from SR9 billion to SR12 billion, up 33.33 percent; the number of shares will increase from 900 million shares to 1,200 million shares; and one bonus share will be offered for every 3 shares owned.

The increase of the company's capital through bonus shares will be through capitalization of SR3,000 million from retained earnings account.

The bonus shares are limited to the shareholders who are registered in the shareholder's register at the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day, which will be determined later by the company.

In case of bonus share fractions, the company will collect them in one portfolio and then sell them in a period of 30 days from completion of the allocation of new shares.

The proposed increase in capital will be initiated once necessary approvals are received from authorities as well as from shareholders at the extraordinary general assembly meeting, the company stated.